Equity incentive plans

Prior to December 2024, the Company had adopted two equity incentive plans in 2007 (the “2007 Plan”) and 2017 (the “2017 Plan”). In December 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Stock Plan”) to provide for the grant of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and other stock or cash-based awards to our directors, employees, non-employee directors and service providers. Equity awards are granted with an exercise price per share equal to at least the estimated fair value of the underlying common stock on the date of grant. The vesting period is determined through individual award agreements. Awards generally expire 10 years from the date of grant.

On February 13, 2025, the Company granted 724,646 Restricted Stock Units (“RSUs”) to its named executive officers and the members of the Board of Directors under the 2024 Stock Plan at a fair market value of $12.9 million. The approximately 0.7 million officer and director RSUs vest at quarterly periods over one to three years. On March 31, 2025, the Company granted 620,934 RSUs to employees at a fair market value of $4.6 million. The approximately 0.6 million employee RSUs vest at quarterly periods over three years.

As of June 30, 2025, a total of 8,692,379 shares were authorized for issuance under the 2007, 2017 and 2024 Stock Plans. As of June 30, 2025, 7,329,784 shares have been granted or issued, leaving 1,362,595 shares available for future awards. As of December 31, 2024, there were 5,980,204 shares granted under the 2007 and 2017 Stock Plans. The shares available for issuance under the 2024 Stock Plan may consist, in whole or in part, of authorized and unissued shares or reacquired shares. Shares from the 2024 Plan which are forfeited due to employee termination or expiration are returned to the share pool. Similarly, shares from the 2024 Plan which are withheld upon exercise to provide for the exercise price and/or taxes due and shares repurchased by the Company are also returned to the pool.

Since December 6, 2024, we have not granted and do not intend to grant any further awards under the 2007 or the 2017 Stock Plans.

Time-Based Restricted Stock

Time-based restricted stock units (RSUs) granted to employees under the 2024 Stock Plan typically vest over one to three years and are subject to forfeiture if employment terminates prior to the vesting or lapse of restrictions, as applicable. RSUs are not considered outstanding Common Stock until they vest. The value of RSUs is determined by the stock price on the grant date.

The following table summarizes the activity related to RSUs subject to time-based vesting requirements for the six months ended June 30, 2025:

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As of June 30, 2025,  total  unrecognized stock-based  compensation cost for RSUs was approximately $8.4 million which is expected to be recognized on a straight-line basis over a weighted average period of 2.1 years. The intrinsic value of RSUs as of June 30, 2025 was $4.2 million.

Determination of fair value of stock options

As of June 30, 2025 and December 31, 2024, the Company had approximately 5.9 million and 6.0 million options outstanding, respectively, under the 2007 Plan and the 20217 Plan. As of June 30, 2025 and December 31, 2024, all options outstanding were granted solely with time-based vesting requirements.

There were no options granted during the three and six months ended June 30, 2025. The fair value of the stock options outstanding during the six months ended June 30, 2024 was estimated on the grant date using the Black-Scholes valuation model with the following assumptions:

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A summary of the Company’s stock option plan and the changes during the period ended June 30, 2025 is presented below:

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Stock-based compensation included in the condensed consolidated statements of operations was as follows.

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As of June 30, 2025,  total  unrecognized  stock-based  compensation  cost  for options was  approximately $0.1 million which is expected to be recognized on a straight-line basis over a weighted average period of 0.4 years. The intrinsic value of stock options exercised during the three and six months June 30, 2025 was $0.2 million.